Caesars Entertainment unit poised to file for bankruptcy

It was confirmed by Caesars on Monday that it was declining to pay a $225m interest payment that is owed to second-lien creditors, meaning that it would be in default of its debt obligations in 30 days’ time.

Bloomberg reported on Friday that a meeting had taken place between Caesars and its most senior bondholders, where it was decided that Caesars will place its subsidiary Caesars Entertainment Operating Co. (CEOC) into bankruptcy by 15 January, providing that conditions are met.

The deal would cut Caesars’ annual interest payments by 75% to $450m and would reduce CEOC’s current debt by $10bn.

Caesars Entertainment has also agreed to acquire affiliate Caesars Acquisition Co. in a stock-for-stock merger that will better position the $18.4bn debt load of CEOC, according to The Wall Street Journal.

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David Cook

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David Cook served as an editor and writer for Gambling Insider from 2018 to 2020, where he played a central role in shaping the publication’s editorial direction. He oversaw the creation and implementation of the broader editorial strategy for Gambling Insider and its related publications, managing the production of 30 print magazines annually while also contributing to the management of GamblingInsider.com and a weekly digital newsletter.

During his tenure, David led the publication’s largest editorial team to date, guiding its expansion and ensuring consistent, high-quality output across all channels. He also hosted and helped launch the GI Huddle podcast, a project he was proud to bring from concept to reality.

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